Chrysler Group LLC, a subsidiary of Italian company Fiat S.p.A. (Milan: F), reported Thursday that October car sales rose 10 percent to 126,185, as U.S. consumers were drawn to ideal financing options and the need to replace aging vehicles. The company said it was the best September since 2007, prior to the mortgage meltdown that sent the country into recession.
“Going forward with our current product line-up, record low interest rates and a stable U.S. economy, we remain optimistic about the health of the U.S. new- vehicle sales industry and our position in it,” said Reid Bigland, president and CEO of the Dodge brand and head of U.S. sales.
The Detroit-based auto giant saw sales gains for its Dodge, Ram Truck and Chrysler brands. Fiat sales also gained, but Jeep sales declined 4.8 percent. Dodge exhibited the strongest growth at 20 percent. Car sales grew 18 percent, while truck sales were up 7.1 percent.
Edmunds predicts that total car sales will be up 11 percent for the month and down 4.8 percent from September’s strong performance. It had forecast 13 percent growth in October for Chrysler.
Angelo Young is a general assignment business reporter who joined IBTimes in April 2012. Much of his career has been behind the scenes as a copy editor, assignment editor and...